Capital on Tap Review: Features, Fees & Alternatives

What is Capital on Tap?

Capital on Tap offers credit cards to UK businesses, designed for easy access to funds and rewards for regular spending. It appeals to small businesses thanks to fast applications and onboarding and cashback and rewards on commercial spending. It’s a popular choice for SMEs as an alternative to credit cards from high street banks, which typically have slower application and approval processes.

Business owners can choose from Capital on Tap’s Free and Pro credit card tiers, with the latter requiring a £299 annual fee to access further rewards and perks.

Capital on Tap key features review

Let’s review the key features of Capital on Tap’s business credit cards, including the rewards, rates, limits and eligibility requirements:

Credit limit

You can get up to £250,000 of credit on Capital on Tap’s business credit cards. Your credit limit will be based on your specific circumstances.

Cashback and rewards 

Capital on Tap’s cashback is 1% on all card spending, with a slightly enhanced cashback rate (1.25%) available on the Pro tier (which has an annual cost of £299). Other rewards include:

• The ability to redeem points against your balance for cash or gift cards
• Reward points conversion to Avios, Virgin and Radisson Rewards
• 6 months free Xero use for first-time subscribers

Note: This information is correct as of 21/05/2026.

Fees and interest rates

Capital on Tap charges late payment fees for missed minimum credit repayments. Also, their Pro credit card tier includes an annual charge of £299. Although, they do not charge fees for foreign exchange (FX) or ATM use and there are no annual fees to pay on its Free tier. 

Rates start from 13.86% APR (variable)*, but Capital on Tap doesn’t advertise its representative APR. The rate you’ll get depends on your individual circumstances. The APR will be significantly higher if you choose the Pro tier, as it includes the annual fee.

*This information is correct as of 21/05/2026.

Applications and eligibility

Capital on Tap has a simple online application process with quick approval decisions. The website claims most applicants receive a decision in under two minutes.

In terms of Capital on Tap eligibility, applicants must meet the following criteria:

• You’re an active director or a majority shareholder of the company who resides in the UK.
• Your business is a private limited company (Ltd) or limited liability partnership (LLP) that’s registered in the UK.
• The business has an annual turnover of at least £24,000.
• There are no unsatisfied CCJs against you or your business in the last 12 months.

When applying for a business credit card, Capital on Tap will run searches on both your personal and business credit files. While the personal credit check is a soft search, the business credit check is a hard search, which is visible to other lenders.

What’s the difference between Capital on Tap’s Free and Pro tiers?

The main differences between Capital on Tap’s Free and Pro tiers are the higher level of business rewards you get on the Pro tier and the difference in annual fee: £0 for Free vs £299 for Pro. The additional perks available on Capital on Tap Pro include:

• Enhanced cashback
• Unlimited airport lounge access, including guest access discounts
• 10,000 bonus points when you spend £5,000 on your card in the first 3 months
• The ability to convert bonus points into Avios or Virgin Points at a 1-to-1 point equivalent (as opposed to a 10-to-8 on the Free tier)
• Radisson Rewards VIP status
• A premium metal card

Note: Information correct as of 21/05/2026.

Pros and cons of the Capital on Tap business credit card

As with all business credit cards, there are benefits and drawbacks to consider, depending on your company’s credit needs and cash flow situation. Here are the main pros and cons of using Capital on Tap:

Capital on Tap advantages

• You can apply online in minutes and get a quick approval decision
• UK companies get access to credit of up to £250,000, enabling significant business expenditure and easing cash flow problems
• The credit card comes with rewards and cashback on spending
• You can enhance your rewards when upgrading to the paid Pro tier

Drawbacks of Capital on Tap’s credit card solution

• Unlocking the full set of rewards comes with a significant annual fee (£299), so ensure the enhanced perks justify the cost, based on your needs
• While stating that APR (variable) can be as low as 13.86%, the actual rate you’ll pay depends on your credit score and other factors, and the APR on the Pro tier will be much higher due to the annual fee
• The credit limit offered by Capital on Tap is subject to review and can be adjusted based on business performance
• You have to meet stated turnover thresholds (currently £24,000+)
• You may be charged late payment fees if you miss your minimum repayments

What businesses are Capital on Tap a good fit for?

If you’re looking for a flexible line of credit for regular expenses, such as travel costs and supplier payments, Capital on Tap is a good option. It’s best suited to businesses that operate globally and travel abroad frequently, as users get cashback on spending and rewards for future flights/airports.

However, several other business credit card providers offer similarly fast, flexible access and equivalent cashback and credit limits, including iwoca’s Credit Card. 

iwoca’s business credit card offers 1% cashback on all business spending, a £250,000 credit limit (with a 42-day interest-free period) and an easy-to-use app for managing cash flow and expenditure. Unlike Capital on Tap, there are no late repayment fees and no minimum turnover requirements to worry about with the iwoca Credit Card. 

Capital on Tap vs iwoca Credit Card: Business credit card comparison

So, how does Capital of Tap compare to iwoca’s Credit Card for owners seeking a source of credit that empowers business spending and supports cash flow management? See how they compare across key factors, such as fees, costs, rates, limits, eligibility requirements and ease of access:

Fees and costs

Neither solution charges for FX, but with Capital on Tap, you may be charged late payment fees (based on your credit agreement). This means additional costs (beyond interest) if you don’t make the minimum payments required within your credit cycle. Also, Capital on Tap charges an annual fee of £299 for its Pro tier. 

With the iwoca Credit Card, there are zero fees to pay. This means no charges for late payments or FX when using the iwoca Credit Card, and no annual fee.

When it comes to interest rates, iwoca’s rates start at 14.99% per year, with a representative rate of 35.40% APR (variable). While stating that its rates start from 13.86% APR, Capital on Tap doesn’t advertise its representative APR. The APR you’ll pay will be much higher on the Pro Tier, as it includes the annual fee.

Credit limits and borrowing options

Both the iwoca Credit Card and Capital on Tap’s two credit cards give eligible businesses a credit limit of up to £250,000. In addition, iwoca customers can apply for additional funding online. 

With an iwoca business loan, you can borrow up to £1 million for a few days, weeks or months (up to 5 years). As with our credit card, it only takes a few minutes to apply. This supports businesses with both immediate large-scale finance requirements and long-term funding needs.

Rewards and cashback

Capital on Tap offers various rewards, mainly focused on airport lounge access, bonus point conversions and cashback. The iwoca Credit Card offers 1% cashback on all commercial spending (as does Capital on Tap), and iwoca’s user-friendly app makes it easy to track your spending and repayments.

Eligibility requirements 

Capital on Tap only accepts UK limited companies and partnerships, as does iwoca. However, with Capital on Tap, you’ll often need a good credit score to be approved and must have a turnover of at least £24,000 to apply. Whereas the iwoca Credit Card has no turnover requirements. 

For both options, you may need to provide a personal guarantee. Learn more about personal guarantees, why they’re needed and how they work.

Speed/ease of access and application

Both iwoca and Capital on Tap are known for their speed of access and easy online applications. You can apply for an iwoca Credit Card within minutes, and credit approval decisions are provided in real time. Capital on Tap’s process also enables fast approval decisions (in some cases, in a matter of minutes). 

Applications for an iwoca Credit Card will not affect your personal credit score. The same goes for Capital on Tap business credit card applications, although business credit searches require a hard search. This means it's visible to lenders in future finance applications.

Capital on Tap vs iwoca Credit Card comparison

Here’s a handy comparison table showing the Capital on Tap and iwoca Credit Card features and benefits side-by-side.‍

Details are accurate as of 21/05/2026.

Both iwoca and Capital on Tap’s business credit card solutions offer similar features and benefits. The main differences are that Capital on Tap has turnover requirements and late payment fees, whereas iwoca has neither. Capital on Tap also demands an annual fee to access all perks on its Pro tier, whereas iwoca has one tier that delivers flexibility, speed and ease of use, with zero fees.

Also, you can get additional funding with iwoca by applying for a Flexi-Loan, for when you’re seeking larger cash injections and need to make high-value investments.

Why choose the iwoca Credit Card?

At iwoca, we’ve been helping UK SMEs to fuel growth since 2012, and we’ve funded over 100,000 UK businesses in that time. And now with our credit card, we are giving businesses more ways to manage their cash flow and expenditure. 

Here are the main reasons to choose the iwoca Credit Card:

There are zero fees to pay

iwoca’s solution is a no-fee business credit card. That means no FX, late payment or annual fees. What you see is what you get, including the cashback rate, credit limit and interest-free period.  

Get up to 42 days of credit interest-free 

We know the cash flow challenges businesses face. iwoca research revealed that 28% of UK SMEs have just two months or less of cash in reserve. To help, we give our customers 42 days of interest-free credit, meaning a 30-day billing cycle, plus a 12-day grace period.

Enjoy 1% cashback on all spending

We give our business credit card users 1% cashback on all spending. This is automatically applied to your card’s balance, and includes card use abroad, as we don’t charge FX fees – we pass on Visa’s rate straight to you.

You can apply in 5 minutes with no impact on your credit score

It’s quick and easy for businesses to apply for iwoca’s Credit Card, taking as little as 5 minutes and with virtually instant decisions. There are no set turnover requirements, and applying for our credit cards won’t affect your personal credit score. 

The bottom line: which business credit card is right for you?

The business credit card that’s right for you depends on various factors, such as credit level, speed of access, flexibility, ease of use, and how regularly you need to use it. As mentioned, Capital on Tap suits frequent travellers and users who are happy to pay an annual fee for a premium experience and enhanced rewards.

The iwoca Credit Card is more suitable for you if you’re looking for a card with no fees at all or if you currently have low turnover. iwoca is the home for all your financial needs, providing both cash flow and spending management solutions thanks to our Flexi-Loan and the new iwoca Credit Card.